18 September 2016
is tcs applicable if former sells his agricultural produce to commission agent or dallal or trader or at apmc.
if tcs not applicable for goods purchased for personal use then why tcs for jewellery
19 September 2016
Dear Manoj,
TCS is applicable for cash transactions above Rs 2lac even for a farmer. Unfortunately no proviso exists to exempt farmers for the recent amendment.
TCS on jewellery is collected of the seller. gold has always been and shall be industry in which income tax is interested.
CAclubindia
